Open House held at final Riverside Avenue home completed for South Lake Tahoe project

SOUTH LAKE TAHOE, Calif. - It began on February 11, 2020, when the City of South Lake Tahoe awarded empty lots they owned on Riverside Avenue to St. Joseph Community Land Trust (SJCLT) for the building of three affordable ownership homes.

Plans were then approved, financing arranged, ground lease and related documents were approved, with SJCLT in ownership on November 16, 2021. Groundbreaking was held on June 2, 2022, and just a few months later, two homes are purchased and occupied, and one home is now finished and available for purchase.

When the groundbreaking was held, all three homes had been sold, but one of the sales did not go through. The two homes that are already purchased and being lived in are two-bedroom, two-bathroom homes, and the one remaining has three bedrooms and two bathrooms.

The local building partner was Affordable Construction Services, which had the three homes completed in 7.5 months with a crew of 18 people. This was quite the accomplishment with the 2022-23 winter and supply chain problems.

To qualify for the available home, the buyer must meet eligibility requirements including being a household of at least four people, earning under 120 percent of the Area Median Income which is currently $122,639 for a four-person household, and this home would be their primary residence.

Jill Teakell is the real estate broker handling transactions for SJCLT. Any interested parties should contact her at 530-318-0936 or jill.teakell@compass.com.

The asking price is capped at $510,000 though the appraisal would be much higher, Teakell said.

The homes will always be for those in the 120 percent of AMI or less due to the land trust, where the homes are owned by the purchaser, but the land remains in SJCLT.

SJCLT is also handling the Sugar Pine Village project which will deliver much-needed affordable, workforce housing to residents earning 30-60 percent of the Area Media Income (AMI), and is the largest multi-family housing project in South Lake Tahoe’s pipeline. The income requirements will be at the time of renting, but at this time those earning approximately $26,100 - $52,200 annually would qualify.

The AMI is expected to be changing to a higher amount in May.

For more information on SJCLT, visit https://www.saintjosephclt.org/.

Those in the photo above, L-R: SLT City Councilmember John Friedrich, SLT City Manager Joe Irvin, Devin Middlebrook of TRPA, SJCLT Executive Director Jean Diaz, SLT Mayor Cristi Creegan, SLT City Councilmember Tamara Wallace, El Dorado County Supervisor Brooke Laine, SLT Development Services Director Hilary Roverud, TRPA Executive Director Julie Regan, and SJCLT Board President Lyn Barnett